She Strengthens

Taking Control of My Finances: How Budgeting Changed My Life

After multiple failed attempts at creating a budget, I finally found the motivation to succeed when my boyfriend and I purchased our first home in September 2017. The unexpected maintenance costs and furnishing needs of our new four-bedroom house made budgeting a necessity. I turned to online resources for guidance and discovered the importance of reviewing my spending habits before creating a budget.

Re-Evaluating My Career Path

As a healthcare professional in England, I knew I was underpaid for my role. Despite loving my job, I realized that I couldn’t negotiate a raise due to the NHS’s salary structure. When I was offered an acting-up role to a Band 7 job, I initially accepted, but soon realized that the extra responsibilities weren’t worth the minimal pay increase. Budgeting forced me to think creatively about increasing my income, and I eventually landed a Band 5 job at another hospital trust. Although my gross pay remained the same, I gained financially and reduced my stress levels.

Rethinking My Commute

Budgeting also made me re-examine my commute costs. I was aware of the time wasted driving two hours daily, but the financial impact was staggering. By inputting my numbers every month, I realized I could save significantly by not having a car. I accepted a job closer to home, which allowed me to ditch my car and associated costs. Now, I cycle to work, saving over £350 ($467.36) monthly, and enjoying a shorter commute, improved sciatica, and more free time.

Prioritizing My Hobbies and Interests

Tracking my spending every month helped me identify what truly mattered to me. I began making intentional spending decisions, choosing to allocate funds towards activities that brought me joy, such as photography and drawing. I even invested in a camera and equipment, knowing it would bring long-term happiness. By re-evaluating my hobbies, I’ve been able to allocate my time and money more effectively, leading to a greater sense of fulfillment.

Having Open and Honest Money Conversations

Setting a budget with my boyfriend has led to productive discussions about our long-term goals, including retiring early and part-time working. We’ve structured our short-term and mid-term aims around these goals, choosing to pay off our mortgage early and avoid taking on extra debt. I’ve also become more confident in discussing our financial decisions with others, even if they don’t align with societal expectations.

Giving Myself Permission to Spend

One of the most surprising benefits of budgeting was the freedom to spend guilt-free. When I first started budgeting, I thought it would restrict my spending, but instead, it gave me control. I can now make intentional purchasing decisions, knowing that I’ve allocated funds for specific categories. This sense of control has brought me a sense of calm and confidence in my financial decisions.

The Power of Budgeting

In conclusion, setting up a budget may not be the most exciting task, but it can be a powerful tool for changing your life. By taking control of my finances, I’ve been able to re-evaluate my career path, commute, hobbies, and relationships. If you haven’t created a budget yet, what are you waiting for? Take the first step towards financial freedom and start making intentional decisions about your money today.